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November 22, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Cedar Rapids, Business Loans > Family Merchants Bank Cedar Rapids Business Loans > Machine Tool Manufacturing Loan | ||||
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Advice for Business Owners On Getting a Loan
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Machine Tool Manufacturing SBA LoansWith these SBA loans for machine tool manufacturing, the SBA guarantees the lender that the loan will be repaid. This machine tool manufacturing loan for $450,000 was given to an Iowa entrepreneur in 2005. Getting a small business loan in Cedar Rapids, Iowa was important for this business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Family Merchants Bank, operating out of Cedar Rapids, Iowa. Here are the details on this Iowa small business loan. SBA Loan Borrower COMPANY TYPE: MACHINE TOOL MANUFACTURING SBA Loan Lender FAMILY MERCHANTS BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 333512 - Machine Tool Manufacturing Loan Approval Date 8/22/2005 Loan Approval Gross Amount $450,000 Loan Approval from the SBA Of the total $450,000 loan amount, the SBA guaranteed $337,500. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 7 employees. This SBA loan request did not indicate that the company planned to use the money to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: Raising VC Money for Social Networking Companies SBA Approved Banks in Cedar Rapids, Iowa
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